Price analysis 11/20: BTC, ETH, XRP, LINK, LTC, BCH, DOT, BNB, ADA, BSV

Bitcoin’s (BTC) current rally has largely been led by investments from institutional investors and publicly listed companies. Data from Bitcointreasuries shows that companies hold about 4.54% of the current Bitcoin supply.

A survey of 700 high-net-worth individuals chosen from across the globe shows that about 73% of respondents either own or want to own cryptocurrencies before the end of 2022. The proposed influx of money from large investors could boost demand and drive crypto prices higher.

Daily cryptocurrency market performance. Source: Coin360

Bloomberg Intelligence strategist Mike McGlone believes that if history repeats itself, Bitcoin could rally to $170,000 over the next two years. McGlone pointed out that Bitcoin’s volatility versus gold was the lowest on record, and while volatility in risky assets across the globe has been increasing, Bitcoin’s volatility has been in decline. However, in the short term, McGlone expects Bitcoin to consolidate before zooming higher.

In an interview with Cointelegraph, Nugget’s News CEO Alex Saunders said that Bitcoin’s price could rally to “$100,000 in the next five years,” and if it becomes the global reserve currency, then it could reach $1 million by 2035.

When markets are bullish, it is easy to get sucked into the rally due to greed. However, every bull phase witnesses periodic corrections; hence, traders should be careful and protect their paper profits with a suitable stop loss.

Let’s analyze the top 10 cryptocurrencies to spot the critical resistance and support levels to watch over the coming days.